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Home Cryptocurrency Forget the dips! XRP is poised for a big rally to $36, experts claim

Forget the dips! XRP is poised for a big rally to $36, experts claim

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The price of RippleNet’s native token, XRP, has been a target of the bearish cryptocurrency market, currently trading below the crucial $0.50 level. Ripple This appears to be in line with broader market trends, but a recent analysis by market analyst Tylie Eric offers a ray of hope for XRP holders, predicting a possible price surge based on technical indicators.

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Understanding Elliott Wave Theory

Eric said that the price fluctuations of XRP are Elliott Wave Theory. This theory proposes that market trends unfold in a specific five-wave structure, with each wave representing a distinct stage in the price cycle.

According to Eric, XRP has exhibited this five-wave structure on the weekly chart many times in the past: Notably, every time this pattern has materialized, the fifth and final wave has led to a significant price surge.

Eric gives an example from early 2017, when the completion of the fifth wave caused XRP to skyrocket, reaching a high of $0.39, a staggering 7,700% increase. This rise was followed by a short period of consolidation, followed by a decisive rise to $3.30.

Possible fifth wave?

Given this historical precedent, Eric believes that XRP may be nearing the end of another five-wave structure that began forming after the price drop in 2017. According to his analysis, the previous four waves have all unfolded over the past six years, paving the way for a fifth wave that could mirror the dramatic rally witnessed in 2017.

XRP is currently trading at $0.48. Chart: Trading View

Eric’s bold prediction is based on the assumption that the fifth wave will lead to another massive price surge. His chart predicts a staggering 7,630% upside, with XRP’s price target potentially rising to a staggering $36. This prediction is in line with predictions from other analysts, such as CryptoInsightUK, who predicted XRP’s price would surge to $34 last September.

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long way to go

Eric’s prediction hinges on the completion of the Elliott Wave Structure, a technical theory that is still under debate among financial experts. Moreover, the price target of $36 seems very ambitious. It is important to remember that to achieve such a price, XRP would have to surpass the current market capitalization of all cryptocurrencies.

Featured image from Getty Images, chart from TradingView

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